Results for Financial Year ended 31.03.2025
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The board approved audited standalone and consolidated results for FY25 along with a final dividend of Re. 0.10 per share. Standalone revenue from operations fell to about Rs. 1,222.83 lakh from Rs. 1,483.91 lakh (-17.6%), though standalone net profit recovered to Rs. 12.84 lakh from Rs. 4.31 lakh on lower other expenses and higher other income. On a consolidated basis, total income rose modestly to about Rs. 3,705.77 lakh from Rs. 3,411.21 lakh, but profit after tax dipped slightly to Rs. 94.77 lakh from Rs. 99.38 lakh. Auditor M M Reddy & Co. issued an unqualified (unmodified) opinion on both sets of results, but flagged two notable matters: (a) the holding company sold 57.79% of its sales to and bought 35.99% of its purchases from its 55% subsidiary VSR Paper and Packaging Ltd, and (b) the subsidiary adjusted about Rs. 1,959.74 lakh of debtors and creditors through book entries without actual realisation. The board also appointed a new Independent Director after one resigned citing business commitments, and appointed new internal and secretarial auditors.
Standalone revenue is shrinking and both standalone and consolidated businesses are burning cash from operations (standalone OCF of Rs. -325 lakh, consolidated OCF of Rs. -493 lakh), though the dividend is a small positive signal for shareholders. Heavy dependence on a related subsidiary for sales/purchases and large book-entry adjustments between the two entities are governance red flags that retail investors should watch closely despite the clean audit opinion.